Adam Emmerich, Wachtell, Lipton, Rosen & Katz.

Wachtell, Lipton, Rosen & Katz is regarded by many as the world's most successful but also most reclusive corporate law firm.

The elite Manhattan outfit has average equity partner profits of well over $5 million and a long track record of advising on the largest and most prestigious deals – yet faces the same pressures as many independent firms in needing to carefully manage its overseas referral relationships as many rivals build up global operations.

Corporate partner Adam O. Emmerich spoke with Law.com affiliate Legal Week about the firm's strategy ahead of the Global Independent Law Firms Forum 2019, which takes place this week in central London. The event is being co-chaired by Emmerich, alongside Macfarlanes senior partner Charles Martin.

Why remain independent?

Emmerich: We define ourselves and have pursued a practice that is not doing something else. We have done exactly what best serves the clients and situations with which we are privileged to be involved.

We think there's no better model [even if a deal] involves two or more jurisdictions. It excludes doing other things for other people. We don't think of it as a competition.

Isn't the strategy reliant on others staying independent?

Currently we haven't seen a world in which there are no such partners available.

Do we sit around and worry that some day there'll be three global law firms and we'll have no one to call? No. There is no country where there isn't a strong group of independent firms.

Why doesn't Wachtell do more marketing?

All of us at the firm have an interest that consists of being excellent lawyers, counsellors, advisers. We have found that over the years that speaks for itself.

We are generally of the view that telling people how great we are isn't as important as doing great work and having people we work with who appreciate that. The vast bulk of our work does arise organically.

You are quite specialised and narrow in your focus, doesn't that mean you miss out on doing extra work for clients?

M&A is a lumpy business. Some years there is more work, some less. And that's fine. It's very rare to wake up one morning and find there is nothing to do.

In terms of structure, you can make the case that we are not that modern. Having a single office, a lockstep and remaining small is necessary.

Which firms do you like to work with in the U.K.?

We have fabulous relationships with Slaughter and May and Macfarlanes.

We make it a priority to have strong ongoing relationships with people we consider the best practitioners around the world. It's a friendship. We are not keeping track of referrals.

The Global Independent Law Firms Forum 2019 takes places on 27-28 March 2019 at The Jumeirah Carlton Tower, London SW1.

To register, click here, call Paul Goldie-Jones on tel. +44 7771 500002 or email [email protected]